Calvert Short Duration Income Fund: A Shares

The Fund seeks to maximize income, to the extent consistent with preservation of capital, through investment in short-term bonds and income-producing securities.

The Fund typically invests at least 65% of net assets in investment grade debt securities, as assessed at the time of purchase. The remaining 35% of the Fund's assets may be in below-investment grade, high-yield debt securities. These securities involve greater risk of default or price declines than investment grade debt securities. The Fund invests principally in bonds issued by U.S. corporations, the U.S. government or its agencies, and U.S. government-sponsored enterprises. The Fund may also invest in trust preferred securities, taxable municipal securities, asset-backed securities, including commercial mortgage-backed securities, repurchase agreements, and foreign debt securities. Under normal circumstances, the Fund's average portfolio duration will range from one to three years.
The Fund uses an active trading strategy, seeking relative value to earn incremental income. The Fund's investment process is enhanced by the Advisor's integrated investment research, which seeks to add value by complementing traditional fundamental security analysis with the Advisor's proprietary assessment of critical environmental, social and governance ("ESG") issues. The Fund seeks to apply ESG integration across sectors and holdings as part of its risk and opportunity assessment, and also seeks to avoid investing in tobacco companies.

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Performance assumes the reinvestment of all distributions, and reflects the deduction of fund expenses and applicable fees. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index. Returns for periods of less than one year are not annualized.

In the fourth quarter, the fund (gross of fees) underperformed its passive benchmark, the Barclays US 1-5 Year Credit Index, by 31 basis points (bps). Its out-of-index allocation to high yield credits was the primary driver of underperformance as high yield spreads widened during the quarter. A positive contributor to relative performance was the fund's allocation to securitized sectors, which are also not in the index. These sectors, led by consumer asset-backed securities and non-agency residential mortgage backed securities, outperformed swaps and comparable duration Treasuries, while benchmark credit sectors underperformed. While the fund's underweight to duration was a detractor, its rates positioning further out the yield curve provided an offset as the 2y10y part of the curve continued to flatten.

Total effect:Aggregate or total active return, which is return relative to the passive benchmark (outperformance or underperformance).Duration effect: Active return attributable to overall duration. (Duration measures a portfolio's sensitivity to changes in interest rates.
Generally, the longer the duration, the greater the change in value in response to a given change in interest rates.)
This measures the effect of a parallel shift either up or down in the entire yield curve.Curve effect: Active return attributable to yield curve positioning. This measures the effects of a change in the shape of the yield curve (a non-parallel shift).Sector effect:Active return attributable to sector selection.Selection effect:Active return attributable to security selection (includes intra-day trading).

All fixed-income attribution measures are in basis points (one basis point is 0.01 percentage points).

Credit Quality

December 31, 2014

Portfolio

Benchmark

Cash

3.69%

-

Government

6.96%

-

AAA/Aaa/AAA

2.17%

16.44%

AA/Aa/AA

6.82%

14.08%

A/A/A

32.50%

40.12%

BBB/Baa/BBB

31.49%

29.35%

BB/Ba/BB

5.68%

-

B/B/B

4.42%

-

CCC/Caa/CCC

1.38%

-

CC/Ca/CC

-

-

CC/CC/CC

0.04%

-

C/C/C

0.04%

-

Not Rated

4.85%

-

Equities

-

-

September 30, 2014

Portfolio

Benchmark

1.56%

-

4.22%

-

3.33%

16.19%

7.76%

14.52%

32.93%

39.05%

33.11%

30.24%

4.71%

-

5.09%

-

1.90%

-

-

-

-

-

-

-

5.21%

-

-

-

December 31, 2013

Portfolio

Benchmark

1.02%

-

2.55%

-

4.03%

15.97%

10.42%

15.05%

29.70%

39.13%

38.11%

29.85%

5.26%

-

5.26%

-

2.39%

-

-

-

-

-

-

-

1.24%

-

-

-

Sector Exposure

December 31, 2014

Portfolio

Benchmark

Corporate

59.91%

75.25%

Government Related

0.18%

24.76%

Securitized

29.53%

-

Treasury

6.54%

-

Cash and Cash Equivalents

3.62%

-

Other

-

-

Unknown

-

-

Municipals

0.21%

-

September 30, 2014

Portfolio

Benchmark

66.84%

75.55%

0.46%

24.40%

26.55%

-

4.02%

-

1.94%

-

-

-

-

-

0.20%

-

December 31, 2013

Portfolio

Benchmark

78.15%

75.03%

1.36%

24.97%

15.91%

-

2.41%

-

2.16%

-

-

-

-

-

-

-

May not add to 100% due to rounding

Top Ten Holdings / Percentage of Net Assets

December 31, 2014

% of Portf.

US TREASURY N/B

5.21%

BANK OF AMERICA NA

1.92%

ENTERPRISE PRODUCTS OPER

1.49%

CITIGROUP INC

1.44%

VERIZON COMMUNICATIONS

1.32%

JPMORGAN CHASE + CO

1.18%

BANK OF AMERICA NA

1.15%

CITIGROUP INC

1.06%

FORD MOTOR CREDIT CO LLC

1.02%

CEMEX SAB DE CV

0.98%

Total

16.77%

September 30, 2014

% of Portf.

US TREASURY N/B

3.04%

BANK OF AMERICA NA

1.85%

ENTERPRISE PRODUCTS OPER

1.47%

US BANK NA

1.41%

CITIGROUP INC

1.38%

VERIZON COMMUNICATIONS

1.27%

JPMORGAN CHASE + CO

1.23%

BANK OF AMERICA NA

1.10%

FORD MOTOR CREDIT CO LLC

1.10%

CITIGROUP INC

1.02%

Total

14.87%

December 31, 2013

% of Portf.

US BANK NA

2.05%

CITIGROUP INC

1.70%

BANK OF AMERICA NA

1.60%

ENTERPRISE PRODUCTS OPER

1.39%

FORD MOTOR CREDIT CO LLC

1.38%

SABMILLER HOLDINGS INC

1.24%

ONTARIO (PROVINCE OF)

1.18%

US TREASURY N/B

1.16%

BANK OF AMERICA NA

1.06%

GENERAL ELEC CAP CORP

0.98%

Total

13.73%

The Fund may or may not still invest in, and no action is recommended
on, companies listed. For the most recently available information on the Fund's
holdings, visit www.calvert.com.

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of bonds held by the Fund may fall; individualinvestments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. Investments in high-yield, high risk bonds can involve a substantial risk of loss. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. The Fund is non-diversified and may be more volatile than a diversified fund.

Allocation percentages may not add to 100% due to rounding. Negative Cash positions may occur as the result of varying settlement schedules for securities.

Calvert Investments does not provide tax advice, and nothing on this site should be construed as tax advice. Before acting on any such information, consult your own accountant or tax advisor.

Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member FINRA and subsidiary of Calvert Investments, Inc.

For more information on any Calvert fund, please contact your financial advisor, call Calvert at 800.368.2748, or download a free summary prospectus and/or prospectus. An institutional investor should call Calvert at 800.327.2109. An investor should consider the investment objectives, risks, charges and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money.

Holdings are as of the date shown above, may change at any time and are not recommendations to buy or sell any security.

Ratings are determined by using S&P, Moody's and Fitch rating services, whose rating categories are reflected above respectively. The letter ratings generally range from AAA (judged to be of the highest quality, with minimal credit risk) to D (the lowest rated class of bonds, typically in default with respect to timely payment of principal or interest). Bonds rated by all three services are assigned the median rating; if a bond is rated by only two agencies, it is assigned the lowest rating; if it is only rated by one agency, it is assigned that rating. Government securities may be rated lower than AAA/Aaa/AAA or may not be rated, and may include foreign government securities. If a bond is not rated by any of the aforementioned rating services, it appears in the "Not Rated" category. Ratings are subject to change.

Net assets include all share classes.

Calvert funds are available at NAV for RIAs and Wrap Programs. Not all funds available at all firms.

G200ATT

FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

Get Information and Resources

For more information on any Calvert fund, please contact Calvert at 800.368.2748 for a free summary prospectus and/or prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money.